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Wednesday, June 28, 2017

Canary In The Coal Mine: Unfunded Liabilities Have Turned Illinois Into A "Banana Republic"

The state is buried debt, and hasn’t passed a budget in over 700 days. 100% of their monthly revenue is being consumed by court ordered payments, and the Illinois Department of Transportation has revealed that they may not be able to pay contractors (who are working on over 700 infrastructure projects) after July 1st if the state doesn’t pass a budget. To top it all off, the state’s credit rating is one step away from junk status, the lowest of any state. Because of these factors, Illinois may become the first state to declare bankruptcy since the Great Depression.

Governor Bruce Rauner has gone so far as to call his state a “banana republic.”

The state’s comptroller has admitted that “We are in massive crisis mode.”

And a reporter for the Chicago Tribune thinks Illinois has gone so far past the point of no return, that the state should be broken up. He recently wrote what basically sounds like a suicide note for Illinois.

Dissolve Illinois. Decommission the state, tear up the charter, whatever the legal mumbo-jumbo, just end the whole dang thing.

We just disappear. With no pain. That’s right. You heard me.

The best thing to do is to break Illinois into pieces right now. Just wipe us off the map. Cut us out of America’s heartland and let neighboring states carve us up and take the best chunks for themselves.

The group that will scream the loudest is the state’s political class, who did this to us, and the big bond creditors, who are whispering talk of bankruptcy and asset forfeiture to save their own skins.

But our beloved Illinois has proved that it just doesn’t deserve to survive.

So how did it get to this point?



Anonymous said...

I'm 63 and born in Illinois. Big into Union and Government. Either career choice offered huge retirement packages.

I did the math @ 20 years old, and thought it was an impossibility for them to give out that much money in pensions when I got to retirement age, so I stayed private industry, Colorado, Florida, Virginia, and now Maryland.

Looking back at Illinois, I TOLD YOU SO!

Glad I left early!

Anonymous said...

There are chunks of Illinois that no neighboring state would want.

Anonymous said...

Yes, like Chicago. Too bad for the state but worse for the pension holders who worked hard for their benefit trusting it would be there. But just like the U.S. Government back around the Lyndon Johnson years when the Democrats legislated welfare; money had to come from somewhere so they robbed Peter to pay Paul. Now it has snowballed and look what we have; entitlement mentality.

lmclain said...


If you or I ran our bank account the way they ran their bank account (which, in the end, is OUR bank account, too), we would surely suffer. THEY have passed laws that insure we would do very serious PRISON TIME.
The laws they don't believe apply to them.
Use the laws they made, wait, no....use the PENALTIES they put in place to use against "we, the people".
THAT is "equality under the law".
Reread the first sentence, you lemmings.
Then, consider who will be PAYING for all these liberal dreams.
That would be you and I.
And you just can't stop cheering these buffoons as they proceed so confidently into the sweetest career a person could want.
It's like continually promoting the bank teller who is stealing the bank into insolvency. And holding PEP RALLIES for it!!

I know. "Your guy" is as clean as a new whistle.